Jennison Associates LLC Sells 37,791 Shares of Vertex, Inc. (NASDAQ:VERX)

Jennison Associates LLC reduced its stake in shares of Vertex, Inc. (NASDAQ:VERX - Free Report) by 8.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 417,237 shares of the company's stock after selling 37,791 shares during the quarter. Jennison Associates LLC owned 0.26% of Vertex worth $14,607,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of VERX. D. E. Shaw & Co. Inc. increased its stake in shares of Vertex by 28.4% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 54,115 shares of the company's stock valued at $2,887,000 after buying an additional 11,966 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in Vertex by 3,751.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,087 shares of the company's stock worth $283,000 after purchasing an additional 7,877 shares during the period. Norris Perne & French LLP MI acquired a new stake in Vertex during the first quarter worth approximately $8,203,000. Envestnet Asset Management Inc. grew its stake in Vertex by 25.4% during the first quarter. Envestnet Asset Management Inc. now owns 224,762 shares of the company's stock worth $7,869,000 after purchasing an additional 45,494 shares during the period. Finally, Sei Investments Co. grew its stake in Vertex by 9.4% during the fourth quarter. Sei Investments Co. now owns 86,284 shares of the company's stock worth $4,603,000 after purchasing an additional 7,430 shares during the period. 70.32% of the stock is owned by institutional investors and hedge funds.

Vertex Price Performance

NASDAQ VERX traded up $0.87 during trading on Wednesday, reaching $36.20. The company's stock had a trading volume of 405,840 shares, compared to its average volume of 1,263,732. The stock has a market capitalization of $5.74 billion, a PE ratio of -124.81, a P/E/G ratio of 4.33 and a beta of 0.71. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.98 and a quick ratio of 0.98. The firm has a fifty day moving average of $37.05 and a 200 day moving average of $41.01. Vertex, Inc. has a one year low of $30.26 and a one year high of $60.71.

Vertex (NASDAQ:VERX - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.02. Vertex had a positive return on equity of 28.14% and a negative net margin of 6.45%. The business had revenue of $177.06 million during the quarter, compared to analysts' expectations of $176.99 million. During the same quarter last year, the business posted $0.15 EPS. The business's revenue was up 12.9% on a year-over-year basis. Analysts expect that Vertex, Inc. will post 0.38 EPS for the current fiscal year.

Insider Transactions at Vertex

In related news, CAO Ryan J. Leib sold 5,755 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $38.00, for a total transaction of $218,690.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jeffrey Westphal sold 3,000,000 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $38.45, for a total value of $115,350,000.00. Following the sale, the insider owned 7,895 shares in the company, valued at approximately $303,562.75. This represents a 99.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,520,170 shares of company stock worth $134,479,744 over the last 90 days. 43.25% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. DA Davidson raised Vertex to a "strong-buy" rating in a research note on Tuesday. Citigroup lifted their target price on Vertex from $39.00 to $40.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. BNP Paribas began coverage on Vertex in a research report on Tuesday, April 22nd. They set an "outperform" rating and a $54.00 target price on the stock. Piper Sandler began coverage on Vertex in a research report on Monday, June 16th. They set an "overweight" rating and a $48.00 target price on the stock. Finally, Morgan Stanley cut their target price on Vertex from $60.00 to $55.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $49.33.

Vertex Company Profile

Vertex, Inc, together with its subsidiaries, provides enterprise tax technology solutions for retail trade, wholesale trade, and manufacturing industries in the United States and internationally. The company offers tax determination; compliance and reporting, including workflow management tools, role-based security, and event logging; tax data management; document management; analytics and insights; pre-built integration that includes mapping data fields, and business logic and configurations; industry-specific solutions; and technology specific solutions, such as chain flow accelerator and SAP-specific tools.